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Updated over 7 years ago,
Newbie needing help- mhp purchase opportunity.
Helllo Everyone, I have a opportunity to purchase an 11 unit mobile home park. Property includes lots , 10 mobile homes, and one small one bedroom home. All units are rented and have an excellent track record.
Price $150,000
Rent per month : $4100
My biggest concern is insursnce. I can't seem to find a place to give me an insurance quote. The property is in a flood plain so I would like to protect my investment. The current owner has owned the property for 12 years without any flooding. He does not have insursnce on the trailers or house. The trailers are older (20 years plus). Not sure how much they're worth but would probably cost around 8-10k to replace if something happened.
Questions:
Do you all know of any companies I can get a quote for insuring them? I'm in kentucky.
Should I carry insurance on them ? Or is it a waste since they are older trailers?
Does this sound like a potentially good deal?
Thanks for your time. All help is appreciated.